Effective holdings
?
The number of equal-weight positions that would produce this portfolio's concentration (1 ÷ Herfindahl index). A 500-stock fund dominated by a few mega-caps might have only ~100 effective holdings.
19
Crowding
?
The value-weighted average number of funds that also own this fund's positions. High = consensus/crowded picks; low = holdings few other funds own.
46.3
Holdings
As of March 31, 2026 · N-PORT
| # | Security | Ticker | Shares | Value | % of fund |
|---|
| 1 |
Fannie Mae Pool |
— |
1,500,000 |
$1.51M |
9.28% |
| 2 |
GNR 2025-125 JA |
— |
1,151,357 |
$1.16M |
7.09% |
| 3 |
MSSG Trust, Series 2017-237P, Class A |
MSSG |
1,076,000 |
$1.03M |
6.30% |
| 4 |
Houston Galleria Mall Trust, Series 2025-HGLR, Class A |
HGMT |
955,000 |
$975.98K |
5.98% |
| 5 |
RMBS MIRAVET |
M1RA |
860,000 |
$882.79K |
5.41% |
| 6 |
NYC COMMERCIAL MORTGAGE TRUST 2025-300P NYC 2025-300P A |
NYC |
830,000 |
$825.04K |
5.05% |
| 7 |
CENT 2025-CITY A |
— |
795,000 |
$800.70K |
4.90% |
| 8 |
HY 2025-SPRL A 144A FRN 01-13-40 |
HY |
760,000 |
$777.68K |
4.76% |
| 9 |
RFR 2025-SGRM A |
— |
760,000 |
$768.96K |
4.71% |
| 10 |
Fontainebleau Miami Beach Mortgage Trust, Series 2024-FBLU, Class A |
FMBT |
750,000 |
$749.77K |
4.59% |
| 11 |
LV TR 2024-SHOW A VAR 10/10/2029 144A |
LV |
740,000 |
$744.44K |
4.56% |
| 12 |
RIDE 2025-SHRE |
— |
700,000 |
$712.06K |
4.36% |
| 13 |
ROCK Trust, Series 2024-CNTR, Class A |
ROCC |
700,000 |
$711.61K |
4.36% |
| 14 |
J.P. MORGAN CHASE COMMERCIAL MORTGAGE SE SER 2024-OMNI CL A V/R REGD 144A P/P 5.79715000 |
JPMCC |
625,000 |
$630.70K |
3.86% |
| 15 |
SWTCH 2024-2A A2 |
SWTCH |
620,000 |
$607.75K |
3.72% |
| 16 |
BBCMS Trust, Series 2018-CBM, Class A |
BBCMS |
583,000 |
$566.87K |
3.47% |
| 17 |
SORT 2020-1 A1 |
— |
661,765 |
$554.46K |
3.40% |
| 18 |
ALA Trust 2025-OANA |
— |
525,000 |
$526.31K |
3.22% |
| 19 |
BX Commercial Mortgage Trust, Series 2022-LP2, Class B |
BX |
525,000 |
$524.67K |
3.21% |
| 20 |
BX Commercial Mortgage Trust, Series 2024-XL5, Class A |
BX |
519,593 |
$520.19K |
3.19% |
| 21 |
BX COMMERCIAL MORTGAGE TRUST 22-LP2 TSFR1M+196.27 02/15/2039 144A |
— |
185,500 |
$185.38K |
1.14% |
| 22 |
BX TRUST 2025-ROIC C TSFR1M+169 03/15/2030 144A |
BX |
170,803 |
$169.31K |
1.04% |
| 23 |
Benchmark Mortgage Trust, Series 2023-B38, Class A2 |
— |
155,000 |
$156.70K |
0.96% |
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